Three-Unit Multifamily
506 North Queen Street Lancaster, PA 17603
506 North Queen Street, Lancaster, PA, 17603
$449,900
Pending
For Sale
$449,900
Pending
Three updated apartments with two off-street parking spaces near Penn Medicine LGH in Lancaster City.
Property Size2,553 SF
Days on Market115
Property Features for 506 North Queen Street
General Information
- Standard status
- Pending
- Size
- 2,553 SF
- Property subtype
- Multi-Family / Fee Simple
Building Details
- Year Built
- 1885
Listing agency
Coldwell Banker Realty
(717) 517-6439
Listed by
Petros Theodore · License #RS342928
(717) 517-6439
Source
Compass
Added: Mar 30 Updated: Jul 21 at 8:52PM Checked: Jul 21 at 8:52PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Coldwell Banker Realty
Investment Insights
Based on property information with market context.
This three-unit multifamily building offers updated, well-maintained income units with two off-street parking spaces. The property includes Unit 1 on the first floor with two bedrooms and one full bathroom, Unit 2 on the second floor with one bedroom and one full bathroom, and Unit 3 spanning the second and third floors with two bedrooms and one full bathroom. Reported rent includes $1,250 per month for Unit 1, $1,200 per month for Unit 2, and $1,250 per month for Unit 3. Two off-street parking spaces may be available for an additional monthly fee, as described in the remarks.
The building is located in Lancaster City near Penn Medicine LGH hospital, restaurants, and other conveniences, at the 500 block in the northwest quadrant. The exterior and interiors include replacement double-hung windows, laminated vinyl flooring, new paint throughout, new baseboards, and a new main sewer line and sidewalk. The remarks also cite two new kitchens and stainless steel appliances in Units 2 and 3.
Utilities are described as gas and electric being separately metered and paid by tenants.
The building is located in Lancaster City near Penn Medicine LGH hospital, restaurants, and other conveniences, at the 500 block in the northwest quadrant. The exterior and interiors include replacement double-hung windows, laminated vinyl flooring, new paint throughout, new baseboards, and a new main sewer line and sidewalk. The remarks also cite two new kitchens and stainless steel appliances in Units 2 and 3.
Utilities are described as gas and electric being separately metered and paid by tenants.
Key Highlights
- 3‑unit multifamily building built in 1885 with updated interiors
- Unit mix: 1st‑floor 2BD/1BA (6 rooms) for $1,250/mo; 2nd‑floor 1BD/1BA (4 rooms) for $1,200/mo; 2nd- & 3rd‑floor 2BD/1BA (5 rooms) for $1,250/mo
- Two off‑street parking spaces included; potential additional income noted at $50/mo per space ($100/mo total)
Local Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $41.4k | $16.20 |
| − Vacancy | −$620 | −$0.24 |
| EGI | $40.7k | $15.96 |
| − OpEx | −$12.2k | −$4.79 |
| NOI | $28.5k | $11.17 |
2,553 SF · lease $16.20/SF/yr · vacancy 1.50% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$407.4K
$356.5K – $475.3K
NOI $28,517 @ 7.0% cap · market cap 6.34%
Second Best
Apartment 5plus
$359.3K
$314.4K – $419.1K
NOI $25,148 @ 7.0% cap · market cap 5.59%
Theoretical Best
Office A
$855.5K
$748.6K – $998.1K
NOI $59,887 @ 7.0% cap · market cap 13.31%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Triplexes
Similar For Sale Nearby
FAQs
What type of property is this?
Triplex - Three updated apartments with two off-street parking spaces near Penn Medicine LGH in Lancaster City.
Where is this triplex located?
The property is located at 506 North Queen Street Lancaster, PA.
What is the asking price?
The asking price for this property is $449,900.
What are key features of this property?
This property features: 3‑unit multifamily building built in 1885 with updated interiors; Unit mix: 1st‑floor 2BD/1BA (6 rooms) for $1,250/mo; 2nd‑floor 1BD/1BA (4 rooms) for $1,200/mo; 2nd- & 3rd‑floor 2BD/1BA (5 rooms) for $1,250/mo; Two off‑street parking spaces included; potential additional income noted at $50/mo per space ($100/mo total)
